Prescription Drug Follies

At exactly the same time that a bipartisan bill is making a great stride forward for Medicare in the House of Representatives, the Senate is poised to vote on a great step backward. Specifically, Senator Jack Reed is offering an amendment to the Senate budget resolution with the purpose of “making prescription drugs more affordable for seniors and for tax-payers by requiring the Secretary of Health and Human Services to negotiate prescription drug costs under the Medicare program.”

 

Primer on DOL Fiduciary Standards: Impact & Outlook

On February 23, President Obama announced that his administration was moving forward with new regulations on financial advisers, commonly known as fiduciary standards. The U.S. Department of Labor (DOL) first proposed such a rule in 2010 to protect consumers from professional advisers who financially benefit from recommending certain investments. Fiduciary standards legally bind an adviser to act in a client’s best interest. This paper provides background on the regulation and its purpose, while also outlining the policy and market implications of DOL’s rulemaking.

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